On the Performance of Monetary Policy Committees

Etienne Farvaque, Piotr Stanek and Stéphane Vigeant

Kyklos, 2014, vol. 67, issue 2, 177-203

Abstract: type="main">

This paper examines the influence of the biographical experience of monetary policy committee members on their performance in managing inflation and output volatility. Our sample covers major OECD countries in the 1999 to 2010 period. Using data envelopment analysis, we study the efficiency of monetary policy committees. Then, we look at the determinants of these performances. The results in particular show that (i) in crisis times, a smaller committee is more efficient, (ii) policymakers' background influence the performance, with a positive role for committee members coming from academia, central banks and the financial sector, although the latter lost their edge during the Great Recession. It is also shown that some committees have reduced the inefficiency created by the crisis more rapidly than others.

Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

Downloads: (external link)
http://hdl.handle.net/10.1111/kykl.12049 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: On the performance of Monetary Policy Committees (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:kyklos:v:67:y:2014:i:2:p:177-203

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0023-5962

Access Statistics for this article

Kyklos is currently edited by Rene L. Frey

More articles in Kyklos from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().